INVL Technology, a company investing into IT businesses, managed by the shareholders of Invalda LT, AB, will aim to raise not less than EUR 10 million through a new share issue in 2015.

A shareholders' agreement between INVL Technology and the shareholders of UAB BAIP Group, a company managed by INVL Technology, was signed this Wednesday. The agreement states that INVL Technology and BAIP Group will merge before the capital raising. The company will also apply for the closed-end investment company licence issued by the Bank of Lithuania.

„In its essence INVL Technology will become similar to a fund with an investment horizon of 10 years and a purpose of investing into other technology companies. IT competences in the region allow us to benefit from the strong global growth in demand for IT services and secure an adequate return for the investors ", - Darius Sulnis, the director of INVL Technology, said.

It is planned that after the merger Darius Sulnis in this position will be replaced by Kazimieras Tonkunas, the general manager of BAIP Group.

Once the licence is granted, INVL Technology should be managed by the asset management company controlled by Invalda LT and the core of the management team will be made up of current BAIP Group managers who had proven their abilities to grow companies and add value to the shareholders.

„We value a long-term growth in BAIP Group revenues and profit and a very successful international expansion. We believe that the people who were able to develop business of BAIP Group will also be capable of diligently and successfully investing the newly raised funds", - Darius Sulnis, the director of INVL Technology, said.

On 19 of December INVL Technology shareholders will vote on preparation of merger conditions with BAIP group. Shareholders will have an opportunity to decide whether INVL Technology will be merged into BAIP Group, or vice versa.

INVL Technology shares are traded on NASDAQ Vilnius exchange, current capitalisation of the company is EUR 5.7 million.___________________________

For more information please contact:Darius SulnisDirector of INVL TEchnologydarius@invaldalt.com